PPF or Public Provident Fund is a popular and safe long term investment option in India. The current interest rate, which is for Q2 (July – September) FY 2020-21 has been fixed at 7.1%. You have to deposit a minimum Rs.500 upto a maximum of Rs.150000 in your PPF account. It’s a tax free investment and a favourite alternative for risk averse investors.
Open SBI PPF Account:
Now, when we think of opening a PPF account, the most common name that comes to our mind is SBI or State Bank of India. But, we generally search for ways to open an SBI PPF account.
So here are simple steps you need to follow to open your PPF account in SBI:
- Fill the SBI PPF Account Opening form providing necessary personal details and initial deposit amount.
- KYC documents including ID proof, address proof and your photograph.
Open SBI PPF Account:
Recently, SBI has also introduced an online facility to apply for PPF account for those who have subscribed for its internet banking services.
- Login to SBI’s internet banking portal. Select “New PPF Account” option under the e-services section.
- You shall be directed to the “New PPF Account Page”. The existing details shall be displayed.
- Fill in the branch code where you wish to open PPF account.
- Give names of nominees for PPF account.
- Click on “Submit” button. You shall be given a reference number.
- Print the “PPF Online Application” and submit it at the bank branch along with KYC documents.
Also have a look at New PPF Interest Rate Rules
The digital form can be used to apply for PPF. But, you need to visit the branch for providing requisite documents. Thereafter, you can transfer the desired amount to your PPF account online by using the net banking facility.